The new Capital One® Savor℠ Cash Rewards Credit Card

Capital One has effectively rebranded their Premier Dining Rewards Credit Card, launched in just March of this year, as the new Capital One® Savor℠ Cash Rewards Credit Card and made at least one significant improvement. The sign-up bonus has increased to $150 after spending $500 in the first 3 months. Previously it was just $100. The card still earns unlimited 3% cash back on dining, 2% on groceries, and 1% on all other purchases. It still has no annual fee and no foreign transaction fees. It’s also worth mentioning that the Savor℠ card offers an introductory APR of 0% on purchases for the first 9 months.

Is it worth making this your next new card? Everyone’s situation is different. If you’re already earning, say, 2.625% on all of your spending using the Bank of America® Travel Rewards Credit Card with Preferred Rewards Platinum Honors status, you’d need a lot of restaurant spending to make that extra 0.375% earned with the Savor℠ card eclipse, say, a good sign-up bonus on a new card. For example, it’s pretty easy to find cards with sign-up bonuses worth $500, which is $350 more than the $150 sign-up bonus with the Savor℠ card. (You can use our tool for finding cards with good sign-up bonuses for your spending.) In this example, it would take $93,334 in restaurant spend earning the marginal 0.375% to surpass the extra $350 you’d get from harvesting a $500 sign-up bonus. On the other hand, if you have a lot of restaurant spend, perhaps for business travel, and your marginal reward rate on restaurant spending is more than the 0.375% in this example, it can certainly make sense to add the Capital One® Savor℠ Cash Rewards Credit Card as one of your daily drivers.